HAUPPAUGE, N.Y., Oct. 02, 2026 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTCID Basic Market:ORBT), an electronics manufacturer and software solutions provider, announced today that it has closed on a new revolving line of credit with an asset-based lender. The new line of credit provides for up to $6,000,000 in financing subject to borrowing base availability. At the closing, approximately $4,539,000 was drawn down by the Company under its new line of credit to satisfy the balance owed under its previous line of credit with M&T Bank.
The Company also announced the successful completion of a $4,075,000 private placement led by its largest shareholder, Elkhorn Partners L.P. The private placement included the issuance of 1,630,000 shares of common stock at $2.50 per share. The Company intends to use the additional capital from the private placement for working capital purposes, including litigation-related expenses and to pay down debt under its new revolving line of credit. The Company may also use the proceeds to support growth opportunities it is currently pursuing.
Mitchell Binder, President and CEO of Orbit International Corp. commented, "We are pleased to have closed on a new $6,000,000 line of credit with Merchant Financial Corporation and equally pleased to have completed a private placement valued at $4,075,000. The proceeds from the private placement have significantly strengthened our balance sheet and combined with the additional borrowing availability under our line of credit have substantially enhanced our liquidity."
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit's Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit's operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT
David Goldman
Chief Financial Officer
631-435-8300
